In an August '08 EventDV article, The Moving Picture: Musings About Premiere Pro CS4, Jan Ozer talks up audio transcription. It's in Premiere and Soundbooth and maybe other Production Premium apps. Others seem to concur -- in an NAB tidbit, Beet.TV and an Adobe rep talked about how Video metadata is key to web future. And as noted here in NAB 2008 on Adobe TV, Hart Schafer did a demo of Production Premium CS4 showing off this impressive feature (better viewed at Adobe), which works a bit differently than Avid ScriptSync (see the Avid overviews).
This technology was reported earlier here; I got great results in Soundbooth with good recordings in American English with clear diction, and no speakers talking over each other. Beet.TV has been tracking this technology more broadly and reports that YouTube is doing transcription now too, along with Blinkx and others.